Ibrahim Yousaf
Active Member
Pakistan Hotels Developers Limited (PSX: PHDL) experienced a remarkable surge of 5.5 times year-on-year in its profitability during the first quarter of 2024. The company's profit after tax soared to Rs85.38 million [EPS: Rs4.74], compared to Rs15.38 million [EPS: Rs0.85] in the same period last year (SPLY).
According to the financial results, the company's top line witnessed a notable increase of 36.9% year-on-year, reaching Rs195.27 million, up from Rs142.62 million in SPLY.
Although the cost of sales also rose by 14.3% year-on-year, it was proportionately less than the increase in sales, resulting in a substantial improvement in gross profit by 64.3% year-on-year to Rs105.9 million in Q1 2024.
Consequently, the gross margins expanded to 54.23% compared to 45.19% in SPLY. During the review period, the company recorded an other income of Rs71.79 million in Q1 2024.
On the tax front, the company incurred a significantly higher tax expense of Rs40 million, compared to Rs0.65 million paid in the corresponding period of the previous year.
According to the financial results, the company's top line witnessed a notable increase of 36.9% year-on-year, reaching Rs195.27 million, up from Rs142.62 million in SPLY.
Although the cost of sales also rose by 14.3% year-on-year, it was proportionately less than the increase in sales, resulting in a substantial improvement in gross profit by 64.3% year-on-year to Rs105.9 million in Q1 2024.
Consequently, the gross margins expanded to 54.23% compared to 45.19% in SPLY. During the review period, the company recorded an other income of Rs71.79 million in Q1 2024.
On the tax front, the company incurred a significantly higher tax expense of Rs40 million, compared to Rs0.65 million paid in the corresponding period of the previous year.